SAN JUAN, Puerto Rico, Jan. 07, 2022 (GLOBE NEWSWIRE) -- Advantage Insurance Inc. (“Advantage”), a leader in providing customized insurance solutions for businesses and individuals, announced today that it recently completed a series of transactions to expand and strengthen its life insurance business. Highlights include:
- Acquisition of three Bermuda-domiciled life insurance companies from The Argus Group, adding over $500 million of policy assets and expanding geographic reach
- Merger of our subsidiaries U.S. Commonwealth Life, A.I. and Advantage Life Assurance A.I. to consolidate and streamline Puerto Rico operations
- Allocation of over $100 million of incremental surplus capital to our core life insurance carriers to support recent and future growth
Advantage CEO Walter Keenan said, “2021 was an important year for Advantage and its life insurance policyholders. Following several years of careful planning and analysis, we completed a restructuring and recapitalization of our life insurance business that solidly positions Advantage Life as a premier provider of private placement life insurance globally, measured by its balance sheet strength and broad range of policy offerings.”
Following the transactions, Advantage Life has six individual life insurance subsidiaries located in three leading insurance domiciles, which together with Advantage’s other insurance services businesses serve over 700 insurance clients and their wealth advisors globally. As of December 31, 2021 Advantage’s life insurance business had total assets of over $4 billion, supported by over $100 million of surplus capital available to pay policy claims.
Legal advisors to Advantage were Conyers, Dill & Pearman; Mayer Brown LLP; and Vidal, Nieves & Bauzá, LLC. Actuarial services were provided by Insurance Strategies Consulting, LLC.
About Advantage
Advantage Insurance Inc., through its operating subsidiaries, provides customized insurance products and services to businesses and individuals worldwide. Founded in 1993, today Advantage serves over 700 insurance clients and administers over $4 billion of insurance assets from its headquarters in San Juan, Puerto Rico and additional locations in Bermuda, the Cayman Islands and United States. Advantage's primary lines of business include private placement life insurance, captive insurance management, and institutional investment advisory services. Contact persons and additional information is available on the company's website: www.advantagelife.com
